Explain why the following might be true: a drought around the world raises the total revenue the farmers receive from the sale of grain, but a drought only in France reduces the total revenue that French farmers receive.
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Explain why the following might be true: a drought around the world raises the total revenue the farmers receive from the sale of grain, but a drought only in France reduces the total revenue that French farmers receive.
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- Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price for wheat and a price 2 higher per bushel. Do you think that farmers collectively would try to reduce the supply of wheat and drive the price up 2 higher per bushel? Explain your answer. Assuming that they would try to reduce supply, what problems might they have in actually doing so?Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive. Ensure that you define any key terms used in your discussion.PART B: Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.
- Explain why the following might be true: A drought around the world raises the total revenue that farmers receive from the sale of grain, but a drought only in Kansas reduces the total revenue that Kansas farmers receive. To find additional study resources, visit cengagebrain.com, and search for "Mankiw."HELP! PART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods? PART B: Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.Part A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefitted from the hurricane. Why did this occur? what information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods? Part B: Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.
- 25. According to the following points on a demand curve, which would be the ideal price for a company to sell its product to get the maximum amount of revenue or total income before substituting cost? A. At $75, the quantity demanded per month is five. B. At $50, the quantity demanded per month is 10. C. At $100, the quantity demanded per month is two. D. At $25, the quantity demanded per month is 12.Please discuss this statement: “a drought around the world raises the total revenue that farmers receive from the sale of grain, but a drought only in Queensland reduces the total revenue that Queensland farmers receive”. Explain the characteristics of demand and supply that determine changes in total revenue, considering different time periods.PART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods? PART B: Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.
- You are a consultant for this industry and explain to your clients that the coronavirus will surely make some people more reluctant to take exercise classes and the government is extremely likely to require increased cleaning regulations and “social distancing” for yoga classes in the future. Explain how this is likely to impact demand, be specific: Explain how this is likely to impact supply, be specific:Please answer the following, a diagram and one paragraph should help support your answer. With consideration for elasticity (especially PED), what would be one industry in which the government instituting a subsidy would make sense and why? EXAMPLE: It would make sense for the government to subsidize the fashion industry because it is generally elastic in terms of PED, and it would benefit both producers and consumers due to etc.Use the following demand schedule to determine total revenue for each possible level of sales: Product price: 2, 2, 2, 2, 2, 2 Quantity demanded: 0, 1, 2, 3, 4, 5